Yes, it is too late. Might as well crawl into a hold and die.
Seriously, yes give up now and start posting on JDunderground about how you have tried everything to find a job but its all a) Your schools fault, B) The economies fault, C) ABA accreditation of too many schools fault. It is time to stop looking for a job when you either a) get an offer and accept it, or b) its late July, school starts in three days and you are not willing to work during the semester. Other than those two options or death, you never give up looking for something until you find it.